The GBP/USD currency pair did not react to negative comments made by the UK’s Brexit secretary, David Davis, regarding the EU’s negotiation timetable. The pair also shrugged of the disappointing US Empire State Manufacturing Index data, which was released during the early American session.
The pair gained over 50 points at the height of its rally during the European session before retracing some of its gains. The currency pair also did not rally higher after the release of the US manufacturing data as was expected.
The currency pair started Monday’s session on an upward trend and rallied higher for much of the European session. The currency pair shrugged of comments made by David Davis, the Brexit secretary, who referred to the EU’s negotiation timetable as the ârow of the summerâ during a television interview on Sunday. This is an indicator that Brexit news may no longer have a major impact on the currency pair’s performance.
The GBP/USD pair also did not react to the release of the Empire State Manufacturing Index, which indicated that manufacturing activities in the New York area had drastically declined. The Empire State Index came in at -0.1 for the month of May versus the expected 7.5 and the previous 5.2.
The currency pair’s future performance is likely to be affected by the release of the UK’s Consumer Price Index and the US housing starts data, both scheduled for tomorrow.
The GBP/USD pair was trading at 1.2917 as at 15:18 GMT having dropped from a daily high of 1.2941. The GBP/JPY was trading at 146.79 having opened the day’s session trading at 145.91.
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